Milken notes that technology and energy are the biggest forces behind the country’s top metropolitan areas.
The Institute’s approach to these rankings differs from others in that they do not use quality of life metrics such as commute times or housing costs.
The rankings are heavily weighted to employment, wage and salary growth. The quote from the article shown below clearly demonstrates that for Austin — technology is what’s leading the boom.
This year’s Best-Performing City, Austin, is a case study in concocting the proper recipe for economic vitality. A rising technology center, it is creating high-quality jobs that improve the region’s overall wage structure.
Economic development officials rightly tout its business-friendly, low-tax, low-regulation climate when recruiting outside the state, particularly when soliciting California firms. They also herald the business startups of local entrepreneurs, the spinouts from the University of Texas, Austin, and the number and quality of UT graduates.
Austin’s technology base is fairly diversified: hardware, chips and communication gear, computer system design, Internet-related services, and biomedical research.
The metro has its share of homegrown tech companies — Dell, Freescale Semiconductor, Flextronics International, and National Instruments among them—and has been successful at attracting technology icons from elsewhere as well. The financial services sector is also adding jobs.